Business

Mauritius-based infrastructure major Sotravic Ltd will receive $1 million funding under the Sustainable Energy Fund for Africa (SEFA), run by the African Development Bank (AfDB), for the development and installation of the Sea Water Air Conditioning (SWAC) System. The SWAC is an innovative low-carbon technology that lowers building cooling costs using cold ocean water and is in line with the Maurice Ile Durable (MID) concept promoted by the government of

Engen Petroleum has expanded its bunker supply operations at Mauritius’ capital, Port Louis, the supplier has stated. Petroleum bunkering essentially refers to the process of supplying a ship with petrol fuel. With the island economy poised to become a petroleum hub, expanding bunker supply operations is critical to fuelling its growing ambitions. An Engen spokesperson revealed that the energy company has been supplying marine gas oil (MGO) for more than 20

Mauritius was ranked first among African countries in the latest Best Countries for Business poll by Forbes, reinforcing its status as the gateway to the emerging continent. With a population of around 1.3 million and a GDP size of $11 billion as of December 2013, the island economy’s scorecard showed a GDP growth of 3.3%, GDP per capita of $8,700 and trade balance of -12.5% of GDP to win top

The island economy, recently rated “largely compliant” in an OECD review, is now gearing up to become “fully compliant”, and Foreign Account Tax Compliance Act (FATCA) can form one of the critical pillars for ensuring greater financial transparency. Clairette Ah-Hen, CEO of Mauritius’ Financial Services Commission (FSC), said, “The aim of the Act is to ensure that all financial institutions, wherever they may be based, operate under a system that allows

In a welcome move for mobile phone users, Mauritius regulator ICTA said it was working on a project to reduce mobile call rates this year. The regulatory authority for Information and Communications Technology (ICT) wants to align call prices between on-net calls, calls to other operators or to fixed telephones. It was ICT minister Tassarajen Pillay Chedumbrum who started the initiative, calling for a market study after finding out that

In one of the most remarkable turnarounds in the world of aviation, after being ranked 133rd in the world only two years ago, Air Seychelles has clinched the prestigious 4-star rating from leading airlines review organization, Skytrax. Not only does this make Seychelles’ national carrier the only airline in the Indian Ocean to receive this honor, but has also allowed it to leapfrog to the position of the continent’s second

A Tax Information Exchange Agreement (TIEA) and an intergovernmental agreement to implement the Foreign Account Tax Compliance Act (FATCA) have been signed today 27th of December 2013 by Finance Minister Xavier Duval and US Ambassador, Shari Villarosa. This aims to ensure clarity between the two countries on tax matters as well as help to eradicate tax evasion globally and provide mutual assistance in tax matters and improve international tax compliance.